ABN AMRO reports net profit of EUR 2,325 million for FY 2018
13 Febbraio 2019 - 7:00AM
-
Q4 2018 net profit of EUR 316
million; solid operational performance in Q4
-
This result includes EUR 85
million (pre-tax) for additional costs of accelerating Customer Due
Diligence remediation programmes and elevated loan
impairments
-
Return on equity for FY 2018
was 11.4%
-
Cost/income ratio for FY 2018
improved to 58.8% (FY 2017: 60.1%); on track to meeting the 56-58%
target by 2020
-
Strong Basel III capital
position, with CET1 ratio at 18.4% and leverage ratio at
4.2%
-
Reconfirmation of targets and
guidance given at Investor Day
-
Proposed final dividend of EUR
0.80 per share. FY 2018 dividend proposal of EUR 1.45 per share (FY
2017: EUR 1.45)
Kees van Dijkhuizen, CEO, comments:
'In Q4 2018, our net profit was
EUR 316 million. We saw solid operational delivery in Q4 2018.
However, net profit was impacted by additional costs of
accelerating Customer Due Diligence (CDD) remediation programmes
and by elevated loan impairments in specific sectors. The full-year
2018 net profit was good at EUR 2.3 billion. We are on track to
meeting our financial targets for 2020 and reconfirm the targets
and guidance given at our Investor Day, despite a somewhat weaker
economic outlook. Our capital position strengthened further. We
therefore propose paying an additional amount of dividend on top of
the targeted 50% of sustainable profit. A final dividend of EUR
0.80 per share will be proposed, bringing the proposed total
dividend for 2018 to EUR 1.45 per share.
At our first Investor Day last
November, we introduced our new purpose and refreshed strategy. As
reflected in our purpose 'Banking for better, for generations to
come', we want to make a positive impact by deploying our
capabilities and talents. This is also demonstrated by several
customer care programmes, for example reaching out to clients with
interest-only mortgages to discuss potential financial issues upon
expiration of their loans and supporting senior clients in handling
their banking affairs. In our daily activities, we must remain
vigilant in detecting financial crime. We are therefore
accelerating our CDD remediation programmes at Commercial Banking
and ICS (Retail Banking).
Throughout the year, we continued
to focus on making banking more convenient for our clients. We were
the first bank in the Netherlands to offer contactless payments
through passive wearables, and online retailers can now offer their
customers the option of paying through Tikkie. In addition to the
partnerships with Social Finance and Opportunity Network, which we
started in 2018, we recently announced that we have teamed up with
a partner to develop accounting software which is fully integrated
into online banking for SMEs.'
Key figures and indicators
(in EUR millions) |
Q4 2018 |
Q4 2017 |
Change |
Q3 2018 |
Change |
FY 2018 |
FY 20171 |
Change |
Operating income |
2,157 |
2,429 |
-11% |
2,318 |
-7% |
9,093 |
9,290 |
-2% |
Operating expenses |
1,514 |
1,653 |
-8% |
1,227 |
23% |
5,351 |
5,582 |
-4% |
Operating result |
643 |
776 |
-17% |
1,091 |
-41% |
3,742 |
3,708 |
1% |
Impairment charges on financial instruments |
208 |
-34 |
|
106 |
97% |
655 |
-63 |
|
Income tax expenses |
119 |
268 |
-55% |
260 |
-56% |
762 |
979 |
-22% |
Profit/(loss) for the period |
316 |
542 |
-42% |
725 |
-56% |
2,325 |
2,791 |
-17% |
|
|
|
|
|
|
|
|
|
Cost/income ratio |
70.2% |
68.0% |
|
52.9% |
|
58.8% |
60.1% |
|
Return on average Equity2 |
6.0% |
10.9% |
|
14.4% |
|
11.4% |
14.5% |
|
Fully-loaded CET1 ratio |
18.4% |
17.7% |
|
18.6% |
|
18.4% |
17.7% |
|
1 The result in 2017 includes the proceeds of the Private
Banking Asia divestment.
2 Based on profit for the period attributable to the owners
of the parent company. |
|
ABN AMRO Investor
Relations
Dies Donker
hoofd Investor Relations
investorrelations@nl.abnamro.com
+31 20 6282282
ABN AMRO Press
Office
Jarco de Swart
senior press officer
pressrelations@nl.abnamro.com
+31 20 6288900
This press
release is published by ABN AMRO Group N.V. and contains inside
information within the meaning of article 7 (1) to (4) of
Regulation (EU) No 596/2014 (Market Abuse Regulation)
ABN AMRO reports net profit of EUR
2,325 million for FY 2018
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: ABN AMRO via Globenewswire
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